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US Senate Panel Votes To Eliminate Spill-Liability Cap

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cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:01 AM
Original message
US Senate Panel Votes To Eliminate Spill-Liability Cap
Edited on Wed Jun-30-10 11:15 AM by cal04
Source: Reuters

A Senate committee on Wednesday voted to eliminate limits on liability that oil companies would face for damages stemming from offshore spills like the one in the Gulf of Mexico.

The change, if approved and made law, would apply retroactively to BP Plc, whose still unchecked April 20 spill has devastated communities and the environment along the Gulf coast.

Currently, companies enjoy a $75 million cap for compensating local communities for economic losses and for cleaning up environmental damages.

(snip)
"Shielding companies from responsibility for damages sends the wrong signal," said Senate Environment and Public Works Committee Chairman Barbara Boxer. "Taxpayers should not be responsible" for covering the costs of offshore oil company disasters, the California Democrat said at the start of her panel's work session on the bill.

Read more: http://www.nytimes.com/reuters/2010/06/30/news/news-us-...



now advances to the full Senate
http://www.startribune.com/business/97480114.html
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TomCADem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:06 AM
Response to Original message
1. Odd, What Is The Name Of That Bill?
I did not see it in the story. Perhaps it is just an oversight on the WSJ's part.
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:07 AM
Response to Original message
2. Here is one the Republicans can block on principle
The GOP Principle of support for the corporations.

And out of the other side of their mouth they will be preaching fiscal responsibility.
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jody Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 02:52 PM
Response to Original message
3. IMO they should remove limited liability of stock holders and place their personal wealth at risk
just as BP placed the personal wealth and health of all citizens at risk.

We the People should repeal laws allowing corporations to play "Heads corporations make obscene profits, Tails We the People pay for disasters caused by corporations".
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